Nine West Holdings Inc. and Authentic Brands Group confirmed today that the latter is the new owner of shoe and accessory labels Nine West and Bandolino following a bankruptcy auction over the weekend.
ABG — which reportedly beat out DSW Inc. — cast the winning offer of $340 million on Sunday, an amount that was $140 million higher than the stalking horse bid it put in when Nine West Holdings filed Chapter 11 in April.
“This was a highly competitive bidding process, which is a testament to the strength of these brands and we are thrilled that the outcome had ABG taking ownership of Nine West and Bandolino,” said ABG chairman and CEO Jamie Salter. “The addition of these two brands enhances ABG’s growing lifestyle portfolio, while launching our global footwear platform. We see incredible opportunity to expand the brands beyond footwear and handbags, specifically in the apparel and home categories as well as in new markets around the world.”
As part of the transaction, ABG — owner and licensor for a range of lifestyle, celebrity and entertainment brands including Frye, Juicy Couture, Elvis Presley and Marilyn Monroe — assumes all licensing partnerships and marketing initiatives for the Nine West and Bandolino brands.
Watch on FN
In what can be viewed as a full-circle moment for Nine West, ABG has appointed Marc Fisher Footwear — the company launched by Marc Fisher, son of Nine West co-founder, the late Jerome Fisher — to run both brands’ shoe business.
“We are excited to expand our partnership with ABG and to help drive the global success of Nine West and Bandolino,” said Marc Fisher. “As my father co-founded Nine West and Bandolino, I spent much of my footwear career working on these two brands. I am thrilled to have the opportunity to build great product that will resonate strongly with consumers and reinvigorate these brands in the marketplace.
Signal Products Inc. will operate the handbag and SLG businesses for both labels.
“Authentic Brands Group is an industry leader and we are pleased that they will bring the dedicated expertise and resources to manage the next stage in the life of two strong brands,” said Nine West Holdings CEO Ralph Schipani. “We are pleased to have completed this important step in our restructuring and are now focused on moving forward with the reorganization of our remaining businesses with the support of our key stakeholder groups.”
The sale is subject to approval by the bankruptcy court. A hearing has been scheduled in U.S. Bankruptcy Court for June 18. The sale is expected to be complete by July 15.
An earlier version of this story appears here.